The US Securities and Exchange Commission Approves Seven Ethereum ETFs
The US Securities and Exchange Commission (SEC) has officially approved the launch of seven spot Ethereum ETFs. Trading with these funds will start at 09:30 EST on July 23, 2024, as reported by Bloomberg Intelligence analyst Eric Balchunas.
Approved Counterparties
Among the approved counterparties are companies such as BlackRock, 21Shares, Bitwise, Fidelity Investments, Franklin Templeton, VanEck, and Invesco Galaxy. Notably, the list does not include ProShares, as final amendments to its S-1 form are still pending.
Future of Staking
During the amendment process, the counterparties excluded staking from their applications. However, Chief Legal Officer Jake Chervinsky believes that it is only a matter of time before the funds introduce this option. Staking is not considered a security, and investors will have the choice to assess its risks independently.
Market Forecast
Experts at the Gemini cryptocurrency exchange predict that the seven Ethereum ETFs could attract around $5 billion in the first half of the year following their launch. This aligns with the forecasts of Balchunas and Seyffart and represents approximately one-third of the net inflow into similar bitcoin funds.
